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ZiF Workshop

Mathematics of Behavioral Economics and Knightian Uncertainty in Financial Markets

Date: 14 - 18 May 2018

Convenors: Ulrich Horst (Berlin, GER), Frank Riedel (Bielefeld, GER)

The workshop gathered leading experts from the fields of business, mathematics, and economics from all five continents in order to explore recent advances and challenges in a better understanding of behavior in conditions of Knightian Uncertainty. In a Research Group (2015) at the Center for Interdisciplinary Research ('Robust Finance: Strategic Power, Knightian Uncertainty, and the Foundations of Economic Policy Advice', convenors Frank Riedel and Chris Shannon (UC Berkeley)), the issues of Knightian uncertainty in financial markets and related consequences for robust finance were explored. The workshop was the starting point for taking the insights of this Research Group to new topics in economics, business, and related fields. Currently, Behavioral Economics is at the forefront of research as laboratory experiments and empirical studies challenge more and more the classic assumption of homo oeconomicus, a rational, egoistic being with perfect foresight. The workshop explored possibilities to apply and connect the recent advances in research on Knightian Uncertainty to Contract Theory, Other-Regarding Preferences, and Market Behavior.

Please direct questions concerning the organisation of the workshop to
Marina Hoffmann at the Conference Office. Questions regarding scientific content and contributions should be directed to the organizers.